Amarin Corporation(US:AMRN)2024-05-01 14:43Financial Data and Key Metrics Changes - Amarin reported total net revenue of $56.5 million in Q1 2024, down from $86 million in Q1 2023, with U.S. product revenue declining to $48.1 million from $82.3 million due to generic competition [26][28] - The company maintained a gross margin of 55% on net product revenue, with a stable cash position of $308 million over the last seven quarters [27][29] Business Line Data and Key Metrics Changes - In Europe, net product revenue reached $1.9 million, reflecting a 35% increase compared to Q4 2023, driven by strong sales growth in Spain and the UK [26][27] - The number of patients on VAZKEPA therapy in Spain increased by 91% in Q1 2024 compared to Q4 2023, while the UK saw a 28% increase in the same period [12][14] Market Data and Key Metrics Changes - In the U.S., Amarin retained exclusive accounts representing over 50% of the IPE market, with stable market share for six consecutive quarters despite revenue declines [14] - In China, sales growth for VASCEPA increased by 100% in Q1 2024 compared to Q4 2023, indicating strong market potential [16] Company Strategy and Development Direction - Amarin is focused on enhancing the value of its business and maximizing patient uptake of VASCEPA and VAZKEPA, with a strong emphasis on intellectual property protection extending to 2039 [8][11] - The company aims to secure pricing reimbursement in five additional European markets in 2024, with ongoing efforts in Italy, France, and Germany [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential in Europe, particularly in Spain and the UK, despite the complexities of market access and reimbursement processes [39][41] - The company is committed to maintaining profitability in the U.S. while exploring opportunities for business development, particularly in Europe [60] Other Important Information - Amarin secured shareholder approval for a share repurchase program of up to $50 million, with plans to commence repurchases pending UK High Court approval [10][30] - The company reported a net loss of $10 million for Q1 2024, with a basic and diluted loss per share of $0.02 [28] Q&A Session Summary Question: When can we expect to see revenue from China? - Management highlighted that China is a significant market with unmet needs, and sales growth for VASCEPA increased by 100% in Q1 2024, with potential for national reimbursement listing [34][35] Question: What is the progress on the share buyback program? - Management confirmed that shareholder approval was achieved, and the next step is to secure UK High Court approval before commencing share repurchases [36][37] Question: Why has Amarin struggled with UK and EU product adoption? - Management acknowledged the complexities of reimbursement processes in Europe but expressed confidence in the new strategy and leadership driving progress [38][40] Question: What is the long-term future of the company? - Management emphasized a focus on growth in key EU5 markets and maintaining profitability in the U.S., supported by a strong cash position and reduced operating expenses [42][43] Question: Can you elaborate on the healthy women's citizens petition regarding fibrates in the U.S.? - Management stated that the petition aims to ensure patients are prescribed effective therapies, highlighting the lack of benefit from combining fibrates with statins [44][45]